BenchmarkA Performance data (as at 31/08/16) 80 ! MSCI Golden Dragon Index (Net) 400 20 ! CSI 300 Index (Net) 350 300 Investment objective 250 200 Long term capital appreciation through investments 150 primarily in equity securities of companies with 100 substantial assets in, or revenues derived from, the People's Republic of China, Hong Kong, 50 Taiwan and Macau. 0 08/96 08/98 08/00 08/04 08/06 08/08 08/10 08/12 08/14 08/16 Fund statistics S h a r e p r i c e N et asset v alue Ben c h m a r k A Fund mZnZger Emerson Yip % 1 mth 3 mths 2016 YTD 1 year 3 year 5 year 10 years Listed New York Stock Exchange ShZre price 4.2 14.1 11.2 25.4 30.9 38.5 122.0 Net Zsset vZlue 5.5 11.4 6.4 11.3 25.8 30.8 94.0 Net Assets (as at 31/08/16) USD 120.45m BenchmarkA 4.4 10.5 5.0 8.1 23.9 30.8 93.4 LZunch dZte 16th July 1992 Dividends (Ex-dividend dZte) USD 0.2370 (9 December 2015) % 2016/2015 2015/2014 2014/2013 2013/2012 2012/2011 USD 0.7364 ShZre price 25.4 -8.7 14.5 19.0 -11.1 (23 December 2015) B Net Zsset vZlue 11.3 -1.8 15.0 18.4 -12.1 4.3! ActuZl LeverZge BenchmarkA 8.1 ­1.6 16.6 13.5 ­7.0 Market capitalization breakdown (as at 31/08/16) (Large Cap > USD 2bn, Mid Cap USD 500m ­USD 2bn, Small Cap less than USD 500m) 100 Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. All return data includes investment management fees, administrative and custodial charges, bank loan expenses and assumes the reinvestment of all distributions. Returns for periods less than one year are not annualized. Top 10 holdings (as at 31/08/16) Holding Fund ! BenchmZrkA weight Tencent Holdings 6.8 6.0 Taiwan Semiconductor Manufacturing 6.6 5.6 Alibaba Group Holding 4.5 3.9 80 China Construction Bank* 4.4 2.6 AIA Group 3.7 3.1 60 Ping An Insurance* 3.4 1.9 China Merchants Bank* 3.4 0.8 40 CNOOC 2.4 0.9 Cheung Kong Property Holdings 2.0 0.8 AAC Technologies Holdings 2.0 0.3 20 Sub­Total 39.2 25.9 0 Fund Bmark Fund Bmark Fund Bmark Large Cap Mid Cap Small Cap 58 Stocks 11 Stocks 0 Stocks Total number of stocks in the Fund’s portfolio: 69 A On 01/03/01 the benchmark of the Fund was changed from 25% TWII, 20% BNPPCI, 50% MSCI HK, 5% HSBC to MSCI Golden Dragon Index (Total). On 13/04/12 the benchmark was changed to 80% MSCI Golden Dragon Index, 20% CSI 300 Index. On 01/10/13 the Fund’s benchmark was changed to a net, rather than gross, basis. Formerly JF China Region Fund, Inc., the Fund name was changed on 06/12/13. B Actual leverage represents the excess amount above shareholders’ funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders’ funds. If the amount calculated is negative, this represents a net cash position. * Denotes China A­share holding Sector Fund % 30.5% Financials 28.8% Information Technology 12.0% Consumer Discretionary 8.5% Industrials 3.0% Health Care 2.6% Utilities 2.4% Energy 2.1% Consumer Staples 1.9% Telecommunication Services 0.9% Materials 7.3% Liquidity 100.0% Total (as at 31/08/16) Active % -4.8% 1.6% 4.1% 0.2% 0.9% -1.7% -0.9% -0.9% -3.3% -2.5% 7.3%

Fund information Portfolio (as at 31/08/16) Share price USD 17.03 NAV per share USD 18.68 Discount (-) / Premium Current -8.8! Shares in issue 6,447,637 Fund code Bloomberg JFC US ISIN US46614T1079 Sedol 2471392 Fund % 19.5% 16.3% 14.5% 13.2% 11.7% 10.7% 6.8% 0.0% 7.3% 100.0% Portfolio review China - ‘A’ Shares Hong Kong Taiwan China - Hong Kong ‘P Chip’ China - Hong Kong ‘H’ China - Hong Kong ‘Red Chip’ China - Others China - ‘B’ Shares Net Liquidity Total Active % -0.5% -0.2% -5.2% 3.9% -5.3% 2.0% -1.9% -0.1% 7.3% (as at 31/08/16) Greater China markets rallied despite more hawkish statements by Federal Reserve officials. The MSCI China Index outperformed, as the long­awaited Shenzhen­Hong Kong Connect program was announced, which will facilitate both access to onshore China markets for foreigners as well as quota removal for access to Hong Kong for domestic Chinese investors. In addition, corporate earnings announcements were generally upbeat. The MSCI Hong Kong Index rose in sympathy despite its interest rate sensitivity. The MSCI Taiwan Index continued its year­to­date surge, with financials outperforming on rate expectations. Market outlook (as at 31/08/16) The corporate earnings season was highlighted by solid results across multiple sectors in China, possibly indicating a bottoming in market expectations as well as a cyclical stabilization. While the liquidity environment may tighten due to a slightly less accommodative tone in both the U.S. and in China now that the worst has past, rates remain low and equities remain relatively inexpensive. We have adjusted exposures at the single stock level in response to earnings trends. Our broad strategic stances remain unchanged, with an emphasis on the healthcare, consumer discretionary, environmental and consumer­oriented technology opportunities in Greater China. Further information Investment Adviser: JF International Management Inc. Website: www.jpmchinaregionfund.com Administration: Lucy Dina +44 (0)20 7742 3735

Full portfolio holdings (as at 31/08/16) Values Sum of Traded Sum of Holding Market Value (Base) Weight Financials 41,282,037 CHINA CONSTRUCTION BANK CORP COMMON STOCK HKD 1 AIA GROUP LTD COMMON STOCK HKD 0 PING AN INSURANCE GROUP CO OF CHINA LTD COMMON CHINA MERCHANTS BANK CO LTD COMMON STOCK HKD 1 CHEUNG KONG PROPERTY HOLDINGS LTD COMMON STOCK HKD HONG KONG EXCHANGES AND CLEARING LTD COMMON STOCK BOC HONG KONG HOLDINGS LTD COMMON STOCK HKD 0 POLY REAL ESTATE GROUP CO LTD COMMON STOCK CNY 1 SUN HUNG KAI PROPERTIES LTD COMMON STOCK HKD 0 E.SUN FINANCIAL HOLDING CO LTD COMMON STOCK TWD 10 CHINA TAIPING INSURANCE HOLDINGS CO LTD COMMON DAH SING BANKING GROUP LTD COMMON STOCK HKD 0 PICC PROPERTY & CASUALTY CO LTD COMMON STOCK HKD 1 CHINA RESOURCES LAND LTD COMMON STOCK HKD 0.1 HUATAI SECURITIES CO LTD COMMON STOCK CNY 1 INDUSTRIAL BANK CO LTD COMMON STOCK CNY 1 WHARF HOLDINGS LTD/THE COMMON STOCK HKD 0 KWG PROPERTY HOLDING LTD COMMON STOCK HKD 0.1 5,966,317 4.4 5,025,419 3.7 4,617,556 3.4 4,603,453 3.4 2,694,246 2.0 2,519,625 1.9 2,353,626 1.7 2,001,074 1.5 1,914,419 1.4 1,779,243 1.3 1,237,571 0.9 1,189,689 0.9 1,146,893 0.9 1,104,111 0.8 1,000,315 0.7 880,947 0.7 791,178 0.6 456,355 0.3 Information Technology 39,036,839 28.8 TENCENT HOLDINGS LTD COMMON STOCK HKD 0.00002 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD COMMON ALIBABA GROUP HOLDING LTD ADR USD 0.000025 AAC TECHNOLOGIES HOLDINGS INC COMMON STOCK HKD LARGAN PRECISION CO LTD COMMON STOCK TWD 10 WANGSU SCIENCE & TECHNOLOGY CO LTD COMMON STOCK HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO LTD ADVANCED SEMICONDUCTOR ENGINEERING INC COMMON SILICON MOTION TECHNOLOGY CORP ADR USD 0.01 GOERTEK INC COMMON STOCK CNY 1 CATCHER TECHNOLOGY CO LTD COMMON STOCK TWD 10 HIMAX TECHNOLOGIES INC ADR USD 0.6 WISTRON NEWEB CORP COMMON STOCK TWD 10 9,276,367 6.8 8,908,338 6.6 6,152,127 4.5 2,650,917 2.0 2,356,093 1.7 2,018,079 1.5 1,608,721 1.2 1,479,595 1.1 1,171,388 0.9 1,021,359 0.7 941,303 0.7 813,949 0.6 638,603 0.5 Consumer Discretionary 16,204,719 12.0 NEXTEER AUTOMOTIVE GROUP LTD COMMON STOCK HKD 0.1 WYNN MACAU LTD COMMON STOCK HKD 0.001 JD.COM INC ADR USD 0.00002 REGINA MIRACLE INTERNATIONAL HOLDINGS LTD COMMON HANGZHOU ROBAM APPLIANCES CO LTD COMMON STOCK CNY CHINA HARMONY NEW ENERGY AUTO HOLDING LTD COMMON CHINA CYTS TOURS HOLDING CO LTD COMMON STOCK CNY 1 IMAX CHINA HOLDING INC COMMON STOCK HKD 0.0001 CHONGQING CHANGAN AUTOMOBILE CO LTD COMMON STOCK MAN WAH HOLDINGS LTD COMMON STOCK HKD 0.4 ZHEJIANG HUACE FILM & TV CO LTD COMMON STOCK CNY 1 TECHTRONIC INDUSTRIES CO LTD COMMON STOCK HKD 0 ALPHA GROUP COMMON STOCK CNY 1 TUNIU CORP ADR USD 0.0001 PACIFIC TEXTILES HOLDINGS LTD COMMON STOCK HKD CHINA MAPLE LEAF EDUCATIONAL SYSTEMS LTD COMMON 1,659,967 1.2 1,617,170 1.2 1,483,944 1.1 1,349,452 1.0 1,127,406 0.8 1,101,227 0.8 1,077,094 0.8 1,004,473 0.7 923,863 0.7 911,944 0.7 911,255 0.7 804,742 0.6 710,850 0.5 632,040 0.5 560,125 0.4 329,168 0.3 Industrials 11,456,923 CK HUTCHISON HOLDINGS LTD COMMON STOCK HKD 1 CHINA EVERBRIGHT INTERNATIONAL LTD COMMON STOCK HAN’S LASER TECHNOLOGY INDUSTRY GROUP CO LTD BEIJING ORIGINWATER TECHNOLOGY CO LTD COMMON STOCK CHINA CONCH VENTURE HOLDINGS LTD COMMON STOCK HKD SPRING AIRLINES CO LTD COMMON STOCK CNY 1 BOC AVIATION LTD COMMON STOCK HKD SHUN TAK HOLDINGS LTD COMMON STOCK HKD 0 AVIC AVIATION ENGINE CORP PLC COMMON STOCK CNY 1 GUOXUAN HIGH­TECH CO LTD COMMON STOCK CNY 1 CHINA MACHINERY ENGINEERING CORP COMMON STOCK HKD 2,017,763 1.5 1,372,103 1.0 1,353,523 1.0 1,216,843 0.9 1,072,233 0.8 1,043,081 0.8 804,696 0.6 744,482 0.5 677,494 0.5 582,163 0.4 572,542 0.4

Full portfolio holdings (cont’d) Values Sum of Traded Sum of Holding Market Value (Base) Weight Liquidity 9,830,791 7.3 Net Liquidity 9,830,791 7.3 Health Care 4,069,737 3.0 PHOENIX HEALTHCARE GROUP CO LTD COMMON STOCK HKD 1,727,873 1.3 SINO BIOPHARMACEUTICAL LTD COMMON STOCK HKD 0.025 1,267,220 0.9 JIANGSU HENGRUI MEDICINE CO LTD COMMON STOCK CNY 1 1,074,645 0.8 Utilities 3,569,203 2.6 CHINA RESOURCES GAS GROUP LTD COMMON STOCK HKD 0.1 1,990,835 1.4 CGN POWER CO LTD COMMON STOCK HKD 1 935,379 0.7 BEIJING ENTERPRISES WATER GROUP LTD COMMON STOCK 642,989 0.5 Energy 3,275,129 2.4 CNOOC LTD COMMON STOCK HKD 0 3,275,129 2.4 Consumer Staples 2,885,868 2.1 PRESIDENT CHAIN STORE CORP COMMON STOCK TWD 10 1,511,952 1.1 KWEICHOW MOUTAI CO LTD COMMON STOCK CNY 1.0 1,373,916 1.0 Telecommunication Services 2,576,308 1.9 CHINA TELECOM CORP LTD COMMON STOCK HKD 1 2,576,308 1.9 Materials 1,263,070 0.9 KANGDE XIN COMPOSITE MATERIAL GROUP CO LTD COMMON 1,263,070 0.9 Grand Total 135,450,624 100.0 Source: J.P. Morgan, Reuters, Bloomberg Benchmark Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, JPMAM (UK). The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. This material should not be relied on as including sufficient information to support an investment decision. US recipients of this information that wish to receive further information or effect transactions in the Fund’s shares should contact JPM New York and not other brokers who may be listed in this report. This document contains information concerning the performance of JF Investment Companies. It does not constitute or contain, and may not be used for the purposes of or in connection with, any offer or invitation or solicitation by or o n behalf of any of the investment companies described herein to subscribe for or to purchase securities by anyone in any jurisdiction in which such offer, invitation or solicitation is not authorised, or to any person to whom it is unlawful to make such offer, invitation or solicitation. There is no assurance that the Fund will achieve its investment objective. You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and you may not get back the full amount invested. All performance assumes reinvestment of all dividends and capital gain distributions. Total return based on share price reflects changes in market value. Total return based on net asset value reflects changes in the Fund’s net asset value during each period. Shares of the Fund may trade above or below its net asset value. Current performance may be lower or higher than the performance data quoted. When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Exchange rates may also cause the value of underlying overseas investments to go up or down. Investments in emerging markets may involve a higher element of risk due political and economic instability and underdeveloped markets and systems. Investments in smaller companies may involve a higher degree of risk as markets are usually more sensitive to price movements. Concentrating investments in the greater China region subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. The views expressed herein are not to be taken as advice or a recommendation to buy or sell any investment.